Vancouver, BC – October 11, 2011: Altair Ventures Incorporated (TSX-V: AVX; “the Company”) is pleased to announce that the recently completed field program at its Prospect Valley Gold Property (“PV Property”), has identified additional zones of epithermal gold mineralization. The exploration program evaluated eight targets outside the North and South Discovery Zones (see map on the Company’s website at www.altairventuresinc.com) in an area covering approximately 40 square kilometres.
The North and South Discovery Zones are known to contain epithermal gold mineralization associated with a moderately-dipping, northeast-striking fault structure with a strike length of several kilometres. Altair is finalizing a mineral resource estimate for this area and plans to test the depth extension of known gold mineralization at the South Discovery Zone. The 2011 field program was designed to investigate other parts of the 108 sq km property for similar zones of gold mineralization.
In an area 300 to 500 metres west to northwest (uphill) of the Northeast Extension Zone, rock sampling resulted in the discovery of epithermal type quartz vein and breccia in float and bedrock. A sample of epithermal quartz veined volcanic float found in a talus slope returned 6,231 ppb (6.2 g/t) gold and similar-looking material was traced uphill to a bedrock source where a north striking and 50° west dipping breccia zone was discovered. The extent of this zone is unknown at present but a 1.5 metre chip sample across this zone returned 0.33 g/t gold.
Investigation of a soil anomaly at the northernmost line of the existing geochemical grid, approximately 440 metres south-southwest of the aforementioned bedrock occurrence, revealed abundant angular quartz vein and breccia float material suggesting a local source. Gold values from sampling this material were not anomalous however the historic soil anomaly indicates that gold occurs in this predominantly overburden-covered area. These discoveries indicate the presence of one or more epithermal structural zones sub-parallel to the structural corridor that hosts the South and North Discovery and Northeast Extension Zones. Additional prospecting around the Northeast Extension Zone itself was hampered by very thick bush but revealed no additional outcrop. It is now thought that, as this zone is approximately 300 metres vertically below the North and South Discovery Zones, it may represent the bottom of the epithermal system, hence the lack of significant values in the recent drill testing. A proposed logging road for this area will improve access for future exploration.
Prospecting approximately two kilometres north-northeast in an exploration target referred to as “Crown” resulted in the discovery of abundant, very angular boulders of epithermal style quartz breccia, veining and silicification. Further investigation and detailed sampling traced this material over at least 150 metres in a north-northeasterly trend before it becomes obscured by overburden. Although only weakly anomalous in gold and silver, the nature of this locally derived material indicates the presence of an epithermal zone quite distal from any other known zones.
The recent program also investigated historic anomalous gold in stream anomalies and goldsilver mineralized float northwest of the Crown target. Two new stream samples yielded 933 and 1,370 ppb gold, the most anomalous values from stream sediment sampling to date on the property. Both confirm previous sampling and are interpreted to indicate an as yet undiscovered upstream gold mineralized source that appears to be separate from the known and recently discovered epithermal zones.
The 2011 prospecting program at Prospect Valley was successful in identifying new and widespread zones of epithermal veining, alteration and gold mineralization. It is clear that further exploration, involving mechanical stripping, in these areas, currently only accessible by helicopter, would benefit from the enhanced access that will be provided by the proposed logging road. The Company has been advised by a local logging company that poor weather conditions this year have delayed the construction of an all-weather road across the PV property until 2012.
The Prospect Valley Gold Property comprises 10,796 hectares and covers extensive, structurally controlled epithermal gold mineralization with the potential to host bulk tonnage and/or high grade vein deposits. It is road-accessible, approximately 3 hours driving time from Vancouver, and situated in proximity to good infrastructure and local resources near Merritt, BC. Altair has an option to earn up to a 90% interest in the project.
The Qualified Person for the Prospect Valley Project is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Ventures Inc.
For further information please contact Justin Schroenn at (604) 780-1371, fax at (604) 688-8309 or e-mail [email protected].
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, President & CEO
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